World
India
UK ministers welcomed over £100 million in latest Indian investment and tens of millions worth of exports in tech and life sciences sectors
UK and India trade relationship worth £41 billion in the 12 months to September 2024.Recent Indian budget drives more opportunity for UK insurance companies to expand presence in India.
The UK’s Trade Secretary Jonathan Reynolds and Investment Minister Poppy Gustafsson have announced 17 new export and investment deals during visits to India this week. There are already over 950 Indian-owned companies operating in the UK and over 650 UK companies operating in India, cumulatively supporting over 600,000 jobs across both economies.
UK insurance companies in particular have gained more potential to expand in India following the recent Indian budget, which increased the amount of foreign direct investment (FDI) permitted in the insurance sector from 74% to 100%.The UK has the third largest technology economy in the world, and a number of UK technology companies have also announced expansion into India, accelerating their growth journey.
Business and Trade Secretary Jonathan Reynolds said: “Tech and life sciences are two huge growth sectors for the UK economy.“I’m proud that government support has helped some of our finest businesses in these sectors to expand into the exciting Indian market.“It’s great to see them going for growth, and their successes will amount to tens of millions of pounds for the UK economy.”
Recent Indian investments in the UK valued at over £100 million in total are expected to create hundreds of new jobs over the next three years in a range of sectors including AI, professional services and textiles. These investments are proof of global investor confidence of doing business in the UK.
The trend of strong Indian investment into the UK in recent years is evident, with the last year-on-year change showing the value of inward FDI stock from India having increased 28% at the end of 2023. India has remained the second largest investor in terms of number of projects into the UK for five consecutive years.
Minister for Investment Poppy Gustafsson said: “The new Indian investment proves that the government’s Plan for Change is giving Indian businesses the confidence they need to continue investing in Britain.“Now the UK will strive to be more ambitious and collaborative than ever before as we show the world why the UK is the best place to invest.”
On Monday, in New Delhi, Trade Secretary Jonathan Reynolds and Commerce Minister Piyush Goyal announced the relaunch of talks on a free trade agreement between the UK and India that can support jobs and bring more growth across both economies.Minister Gustafsson is visiting Mumbai and Bengaluru to bang the drum for Britain, champion free trade and promote exciting investment opportunities in the UK for Indian companies.
Recent Indian investments in the UK include:
· Aaseya Technologies, professional services company specialising in digital transformation through automation, is growing its presence in London and creating up to 250 new jobs over three years with a £25 million investment.
· Sastra Robotics is investing £8 million in Manchester over three years, creating 75 new jobs. The investment aims to expand the company’s robotics innovation and development. This is the first time a robotics company from South India has invested in the UK.
· AI CyberIntel company Deepcytes has set up its global headquarters in London, investing £5 million and creating 80 jobs in the next three years to combat problems of anti-bullying and cyber frauds.
· University Living, a global student housing managed marketplace, plan to open a new UK office, investing £10 million and creating 50 jobs over three years.
· One of the largest producers of hand-knotted rugs in India, Jaipur Rugs have opened a store in London and are looking to create 75 jobs through a £5 million investment over the next three years.
· Time Cinemas have established their global headquarters in the UK, introducing The Black Box by Time, an innovative, patent applied, cloud platform solution that empowers filmmakers, content creators, producers, and distributors to reach out to a much wider cinema audience across geographies. This expansion will create 75 new jobs in London over the next three years, supported by a capital expenditure of £20 million.
· Novigo solutions is a technology focused organisation specialising in end-to-end IT services, technology consulting, business consulting, analytics, and robotic process automation, has started its operation in Warwick by investing £12 million and creating 75 jobs over three years.
· Test Yantra, one of India’s largest testing and training services companies, is investing £10 million and creating 100 jobs over the next three years.
· Zoondia software, a leading provider of technology solutions, AI solutions, custom software development, IOT, data analytics and resource augmentation areas, is investing £10 million and creating 60 jobs over three years.
UK businesses expanding their exports to India include:
· Manufacturer of RF solutions to mobile networks, defence, and aerospace markets Radio Design, headquartered in Shipley, has have expanded its global operations with a manufacturing facility in India.
· Global Tech operations for Marcus Evans Group, London-based specialists in high-impact and bespoke events, are now established in Mumbai.
· Appliansys, an innovative tech company based in Coventry whose internet-based education supports students in low or no internet areas, has worked with Tata Motors and developed a pilot which will be used across almost 5,000 Indian schools.
· Leicester-based chemicals company Microfresh has now rolled out its smart antimicrobial technology across multiple Indian textile and leather players.
· A digital health tech business headquartered in London, Novocuris has begun operating in multiple Indian hospitals.
· Keele-based Biocomposites is supplying hospitals in India with its medical devices for use in complex bone, joint, and musculoskeletal infections.
· York business Optibiotix Health has entered into a long-term partnership with Morepen Laboratories with its brand “Light life” containing its patented, award-winning and clinically tested SlimBiome, used as a pre-meal and on-the-go meal product.
· REM3DY Health, a Birmingham based advanced manufacturing business has partnered with a leading Indian pharmacy giant to bring their innovative gummy vitamin products to India with discussions ongoing to expand into even more personalised solutions in the future.
ALSO READ: Groom Garlands the Wrong Woman, What Happened Next?
